This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.
Call it Stockton to Mufasa.
Salt Lake City expects the expiring bond on its NBA arena to be the key assist in funding a $100 million theater to bring "The Lion King," "Wicked" and other Broadway mega-hits to Main Street.
At the same time, a developer wants to implode the former Salt Lake Tribune building, erect a 25-story modern high-rise in its place, then connect the tower to the theater via a glass galleria filled with shops and a winter garden.
Despite the cratered economy, the vision remains Mayor Ralph Becker's highest priority — quizzically, critics say — yet pitfalls abound.
City Hall is at least $20 million shy of the overall price tag. Nobody can say for sure if the 2,500 seats would sell. Officials cannot decide whether to put the theater on the corner of 100 South and Main or to swap places with the office tower planned a half-block south. And the city doesn't yet own the land.
But Becker is armed with an encyclopedic study that promises the project will generate $2.4 million after five years, create 283 permanent jobs and funnel nearly $15 million a year into the economy.
"We're missing out on a huge opportunity for Salt Lake City," the mayor says. "We're past ready to be able to have a theater like this and to make it work."
About $80 million could come from property taxes "recommitted" from the Central Business District, once the city's bond to upgrade roads and sewer lines for EnergySolutions Arena is paid off in 2015 (when the theater would open). That includes the boosted values from The Church of Jesus Christ of Latter-day Saints' $2 billion City Creek Center.
"It's not a tax increase," says Ben McAdams, Becker's senior adviser and a Democratic senator in the Legislature. "This is existing tax revenue for what was deemed important 23 years ago as a downtown economic-development tool. It's just reapportioning that to today's downtown catalyst."
One advantage of the recession is that both construction costs and interest rates are low, said McAdams, a former Wall Street bond attorney who argues that "window" could close anytime. "The difference between now and later could be one of $25 million more."
Still, the total price balloons to $120 million when factoring in the city's goal to extend a midblock pedestrian crossing from the dormant Utah Theatre to Regent Street — and to spruce up Regent to draw shops and eateries. City leaders hope to tap private donors, federal tax credits, naming-rights dollars and perhaps state assistance to bridge that funding gap.
Becker remains concerned about price but stresses his team has done a "really hard number crunch" on what he calls a community investment.
"It helps our economic development in a very powerful way," Becker says. "It will bring in visitors who will come in and spend money and have a good time, and we'll have all the economic spinoffs of that."
But is it prudent to push for another high-priced arts venue while families and the market grapple with the aftermath of the Great Recession?
"The presumption here is that it's not a zero-sum game," says city Economic Development Director Bob Farrington, who points to the growing slate of crowded downtown concerts between Pioneer Park and a remodeled Gallivan Center. Utah's capital, he notes, has a 30-year history of selling tickets for Broadway theater.
"It's not starting from ground zero," he says. "It's expanding the store to make more sales."
The city's Redevelopment Agency, urged by the LDS Church, hatched the office-tower plan. But in a reversal, insiders, including Hamilton Partners' Bruce Bingham, now want the $125 million high-rise midblock and the theater on the corner of 100 South and Main.
"You'll see it from City Creek Center and you'll see it from the Salt Palace," Bingham says about a theater. "It would be so spectacular."
Bingham, whose 222 Main tower a block south is "two-thirds" leased, would require 50 percent pre-leasing before erecting a new high-rise. His timeline is two to five years. But first, he must buy — then raze — the Tribune Building, which has "some significant architectural charm," but is not on the historic register.
"For the most part," Bingham says, "it's a pretty tired old building that doesn't work particularly well."
Even so, some are as flummoxed by an office-tower-theater combo as a Muppets fan watching "Avenue Q." "I don't understand how they go together," says City Councilman and RDA Chairman Luke Garrott.
Final say on the project must come from the council, which is scheduled to cast a "take the temperature" vote Tuesday.
Tribune reporter Ben Fulton contributed to this story. Q&A
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How much would the theater cost?
About $100 million, with an extra $20 million for other site improvements.
Where would the money come from?
Details are still under discussion. But $80 million could come from property taxes now paying off the bond on street upgrades around EnergySolutions Arena. Naming rights, private donors and other sources could cover the rest.
When would it open?
Early 2015 is the target, with construction starting in 2013.
How much would tickets cost?
Broadway seats can top $100 or much more, but prices would vary based on the show, discounts, seating choices and the market.
Where would patrons park?
About 6,000 parking spaces are available within a block, including the Regent Street terrace behind the theater.
Would the theater serve wine and beer?
The city expects to serve beer and wine to provide a complete theater-going experience.
Would the LDS Church, which is selling the property for the theater, control content?
"Absolutely not," vows Mayor Ralph Becker.
When might the Tony-winning "Book of Mormon" musical come?
That's up to the touring companies, but city officials say they have been advised by industry experts that this profane yet poignant play would sell out in Salt Lake City, headquarters of the worldwide LDS Church. —
Utah Performing Arts Center projections
• 258,000 to 276,000 attendees yearly.
• $9.4 million annual boost to downtown, jumping to $14.8 million with the new office tower.
• 115 permanent jobs tied to the theater; 168 with the office tower.
• 1,671 to 4,000 jobs during construction.
• $2.4 million in positive cash flow from the theater after five years.
• 163-200 performance days a year; 220-268 total-use days
Durham Performing Arts Center
• $27.3 million in annual citywide economic impact.
• 10,000 annual season tickets sold.
• 196 events attended by 340,000 in first full year.
• 5 new restaurants since theater opened.